Economics
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One of the uses of economics is to explain how [[economy|economies]] work and what the relations are between economic players ([[Agent (economics)|agents]]) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as [[crime]], [[education]], the [[family]], [[health]], [[law]], [[politics]], [[religion]] , [[social institutions]], and [[Military-industrial complex|war]]. | One of the uses of economics is to explain how [[economy|economies]] work and what the relations are between economic players ([[Agent (economics)|agents]]) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as [[crime]], [[education]], the [[family]], [[health]], [[law]], [[politics]], [[religion]] , [[social institutions]], and [[Military-industrial complex|war]]. | ||
- | ===Marxism=== | + | ==Marxism== |
Marxist (later, Marxian) economics descends from classical economics. It derives from the work of [[Karl Marx]]. The first volume of Marx's major work, ''[[Das Kapital]]'', was published in German in 1867. In it, Marx focused on the [[labour theory of value]] and the [[theory of surplus value]] which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created. The U.S. Export-Import Bank defines a Marxist-Lenninist state as having a centrally [[planned economy]]. | Marxist (later, Marxian) economics descends from classical economics. It derives from the work of [[Karl Marx]]. The first volume of Marx's major work, ''[[Das Kapital]]'', was published in German in 1867. In it, Marx focused on the [[labour theory of value]] and the [[theory of surplus value]] which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created. The U.S. Export-Import Bank defines a Marxist-Lenninist state as having a centrally [[planned economy]]. |
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."
One of the uses of economics is to explain how economies work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as crime, education, the family, health, law, politics, religion , social institutions, and war.
Marxism
Marxist (later, Marxian) economics descends from classical economics. It derives from the work of Karl Marx. The first volume of Marx's major work, Das Kapital, was published in German in 1867. In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created. The U.S. Export-Import Bank defines a Marxist-Lenninist state as having a centrally planned economy.
See also
- General economy by Georges Bataille
- Art world economics
- Patronage
- Underground economy
- Military-industrial complex
- Surplus product